Capital Home Mortgage Arizona

Arizona Reverse Mortgage Loans

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Reverse Mortgage In Arizona

Many retirees in the United States need more financial resources to handle escalating health care and living costs. Reverse mortgages can be easy for seniors with no mortgage or a paid-off mortgage to get the money they need to enjoy their retirement years comfortably.

What is an Arizona Reverse Mortgage?

A reverse mortgage is a loan that enables senior citizens to convert a portion of their home’s equity into cash. The lender makes payments to the borrower instead of the borrower making payments to the lender. It is primarily intended for retirees who may encounter financial difficulties due to their lack of income. Reverse mortgages can accomplish both short- and long-term financial objectives.

Arizona’s minimum age requirement for a reverse mortgage is 62 years old. According to 6-1704 of the Arizona Revised Statutes, a reverse mortgage may include a fixed or variable interest rate or a future sharing between the originator and borrower of the property’s appreciation in value. The reverse mortgage agreement must conspicuously disclose any interest rate or other fees charged during the period beginning on the date the reverse mortgage becomes due and ending on the date of full repayment.

According to the Federal Housing Administration (FHA), the loan is typically repaid once the occupant sells the property, moves out, or dies. The loan must be repaid, and any remaining equity belongs to the homeowners or their heirs.

Types of Reverse Mortgages in Arizona

There are three principal categories of reverse mortgages: single-purpose reverse mortgages, Home Equity Conversion Mortgages (HECMs), and proprietary reverse mortgages.

Each form of reverse mortgage offers a unique set of advantages. Single-purpose reverse mortgages, for instance, typically have low fees, making them an affordable option for seniors who need money for a particular purpose. HECMs, on the other hand, are widely accessible, can be used for any purpose, and are federally insured, providing security. If your property has a high market value, a proprietary reverse mortgage may offer you a more considerable loan amount.

  • Single-Purpose Reverse Mortgages

A single-purpose reverse mortgage is a loan given to homeowners, usually seniors 62 or older, in return for a portion of the borrower’s home equity. With this type of reverse mortgage, the borrower has to use the money for a specific reason that has been allowed by the lender.

Some state and local government agencies, as well as non-profit organizations, provide these loans, and as the name implies, they can only be used for one purpose defined by the lender, such as home upgrades or property taxes. The benefit is that they are usually relatively modest in cost; some are even available to homeowners with low to moderate income.

  • Home Equity Conversion Mortgages (HECMs)

HECMs are reverse mortgages insured and backed by the U.S. Department of Housing and Urban Development (HUD). This is the most typical type of reverse mortgage. Home equity conversion mortgages (HECMs) allow homeowners to receive payments in a lump sum, monthly installments, a line of credit, or a mix of these choices. The funds can be utilized for anything.

The home’s appraised value determines the loan amount, subject to FHA limits. The borrower receives a cash advance against their home’s equity value. The outstanding loan balance accrues interest, but payments are only required once the home is sold, the borrower passes away, or the borrower vacates the property; at this point, the entire loan must be repaid.

  • Proprietary Reverse Mortgages

A proprietary reverse mortgage is a loan that allows senior homeowners to access the equity in their property through a private lender instead of a federally insured program. These mortgages are frequently called jumbo reverse mortgages, as they are typically pursued by borrowers who need more money than a federally insured reverse mortgage can provide. The Federal Housing Administration (FHA) does not insure this type of reverse mortgage.

These are private loans guaranteed by the organizations that develop them. Proprietary reverse mortgages can be used for any purpose and are typically chosen by homeowners with higher property values to access more equity than is possible with a HECM.

Apply for a Reverse Mortgage in Arizona

A reverse mortgage can significantly assist Arizona homeowners seeking additional retirement income. Capital Home Mortgage can assist you in acquiring the funds necessary to supplement your retirement income. We are a direct Arizona mortgage lender, giving you access to the state’s most competitive interest rates and lowest fees.

Please contact us at (480) 360-6650 if you have any concerns or require additional information about our mortgage products.

Why Arizona HomeBuyers are Choosing Capital Home Mortgage
Close On Time

Complete Control from Application to Funding

Low Rates & Low Fees

Direct Lender with Competitive Rates & Low Fees

Exceptional Service

7  Day a Week Support Application to Final Mortgage Payment

Arizona Mortgage Rates

Have you ever wondered why interests rates are what they are and what determines the final rate?  Why borrowers receive different interest rates? Or why rates go up and down?  Interest Rates are calculated using several factors.

  • Demand for mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness

Arizona REverse Home Loans

Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.

  • Purchase & Refinance
  • Primary Only
  • 62 Years or Older
  • Required Hud Counseling
  • Homeowners Insurance Required
  • Must Continue to Pay Taxes
  • Meet Required Equity Values
Arizona Mortgage Programs

Arizona Home Purchase

Thinking of Buying an Arizona Home?

Looking to Purchase a Home? We have the loan program for you… Call today to speak with a loan officer to discuss your personal mortgage options.

  • Primary, Secondary, Investment
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo, Non QM
  • Reverse, Renovation, Manufactured

Arizona renovation home loans

Looking to Rehab an Arizona Home?

Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not look at a renovation loan?  Purchase the Perfect Home and make it your own. Call today.

  • Remodel, Renovate or Repairs
  • FHA 203K Streamline or full
  • fannie mae homestyle reno
  • freddie mac home choice reno

Arizona FHA Home Loans

Great for 1st Time Arizona Homebuyers

FHA Home Loans are great for first time home buyers, buyers with less than perfect credit, or buyers needing less out of pocket.   Call today to get started.

  • Smaller Down Payment
  • Flexible Underwriting
  • Higher Debt to Income Ratios
  • Lower Credit Scores OK

Arizona VA Home Loans

100% Financing for Arizona Veterans

Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.

  • Simply Qualifying for Veterans
  • No Down Payments Requirements
  • Lower Credit Scores Accepted
  • Manual Underwriting Allowed

Arizona Conventional Home Loans

Flexibility for Arizona Homebuyers

Conventional Home Loans are the best option for flexibility of property types and for mortgage loan terms. Call today to get speak to a Loan Officer.

  • Primary, 2nd Home, Investment
  • Great Rates & Low Fees 
  • Single Family and Multi-Family
  • Renovation Loan Programs

Arizona Jumbo Home Loans

Arizona Non Conforming Loans

Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits.  Call today to speak to a loan officer.

  • Primary Residence and 2nd Homes
  • Higher Loan Amounts – 3 Million
  • Great Interest Rates
  • Investor Specific Guidelines

Arizona USDA Home Loans

100% Arizona Rural Home Loans

USDA Loans are a great option for families wanting to live outside of the city.  Call today to speak with a loan officer to discuss your personal loan options.

  • Rural Properties Only
  • Primary Residence Only
  • Geographic Restrictions
  • Income REstrictions

Arizona Native American Home Loans

Arizona HUD 184 Home Loans

HUD 184 Home Loans are solely for Native American and offer a variety of benefits.  Call today to speak with a loan officer to find out more.

  • Primary Residence Only
  • Manual Underwriting for All Loans
  • No Credit Score Requirements
  • Tribal Grants Allowed

Arizona Manufactured Home Loans

Great Alternative Arizona Housing

Arizona reverse mortgages

Your Arizona Home at Work

Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.

  • primary residence only
  • simple qualifying – equity based
  • credit scores not applicable
  • Minimum age 62

Arizona Non QM Home Loans

Making Arizona Mortgages Possible

Looking for Non Traditional Home Mortgage Loan?  Contact a Loan Officer Today to discuss the alternative mortgage options currently available.

  • Purchase, Rate and Term & Cash-out
  • Primary, Secondary and Investment
  • Full Doc & Bank Statements Programs
  • Corporations OK

Arizona One Time Close mortgages

Build Your Arizona Dream Home

Want to Build? But unsure of what the future looks like? Remove the risk with a One Time Close Construction Loan.  Call today to see how a OTC loan works.

  • Primary Residence Only
  • Close Once
  • Lock Rate at Contract
  • Traditional Final Mortgage

Arizona Refinance Mortgage Loans

Arizona Rate & Term Refinance

Refinancing can be a hard decision and the payback can sometimes be confusing.  Call today and let our Loan Officers walk you through the process.

  • Reduce Mortgage Term
  • Lower Monthly Payments
  • Appraisal Waivers
  • Streamline Options Available

Arizona Cash-out Home mortgages

Arizona Equity Mortgage Loans

Cash-Out Mortgage Loans make use of the equity in your home by allowing you to refinance the current mortgage and access this equity to use as you see fit.

  • Debt Consolidation
  • Investment Opportunities
  • Home Improvement
  • Vacation or Education

Arizona Mortgage Team

Dale Gremillion

Sr Loan Officer
NMLS #210325

Conor Hayhurst

Branch Manager
NMLS #743506

Brad Rund

Business Dev Manager
NMLS #224674

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